Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The near-term trend has begun to favor the bulls.
• A breakout and retest of $250 could offer a buying opportunity, but patience was necessary.

Bitcoin [BTC] whale accumulation since April, combined with a series of applications for Bitcoin spot ETF from traditional financial firms saw investor sentiment shift positive. BTC prices climbed past $30k, posting gains of close to 17% from 19 June’s lows.

Read Binance Coin’s [BNB] Price Prediction 2023-24

Binance Coin was caught in the middle of a regulatory fire. The SEC’s lawsuit against Binance sparked fear in the market, but over the past ten days, the prices have begun to climb higher. Does this reversal have the legs to go higher?

The slow grind above $240 and subsequent retest as support were important for the buyers

On the higher timeframes, the price action of Binance Coin was strongly bearish. But on the 4-hour chart, it had a bullish market structure. Moreover, the move above $250 that appeared just a few hours ahead of the time of writing would signal an uptrend on H4.

The bearish order block from last week at the $250 area was highlighted in cyan because it could be flipped to a bullish breaker block soon. Further north, another H4 bearish order block lay at the $265 level.

The RSI

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Author: Akashnath S

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